Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance.
- Bitcoin is holding gains above the $61,850 zone.
- The price is trading below $62,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless there is a close below the $61,700 zone.
Bitcoin Price Eyes Another Increase
Bitcoin price failed to settle above $65,000 and started a fresh decline. BTC traded below the $64,000 and $63,500 levels. It even broke the $62,500 support.
A low was formed at $61,825 and the price is now consolidating losses. There was a minor increase above the $62,250 level. The price tested the 23.6% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low.Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $62,500 level. There is also a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance might send the price higher. The next key resistance could be $64,200. A close above the $64,200 resistance might initiate more gains. In the stated case, the price could rise and test the $65,000 resistance level. Any more gains might send the price toward the $65,500 resistance level.